MANILA, Philippines — The stock index yesterday recovered its losses the previous day as late buying pushed the market into the green at the close.
The Philippine Stock Exchange index (PSEi) finished 18.69 points or 0.27 percent higher at 6,956.65, while the broader All Shares index gained 17.76 points or 0.42 percent to end at 4,262.37.
Total value turnover was thin at P5.206 billion and market breadth was negative, 113 to 96, while 41 issues were unchanged.
“Philippine shares continued to rotate among certain funds focused on quarter-end positioning as the month winds to an end. Like the Philippines, US stocks closed mostly higher, with the S&P 500 and Nasdaq notching fresh intra-day and all-time highs. Many are speculating as well whether there will be a spike in Delta strain cases and on expectations of an early interest rate hike by the US Fed,” said Luis Limlingan of Regina Capital.
“The local market traded flat for most of the session as investors digested the quarantine classifications for July. From July 1 to 15 NCR will remain under GCQ with some restrictions, while several areas such as Davao and Iloilo City will still be under MECQ,” AB Capital Securities said in a market commentary.
“Traders shifted their attention to reports that Manila plans to administer as many as 10 million coronavirus vaccines in July after meeting its goal of injecting five million doses this month,” research portal Trading Economics added in a report.
For Chris Mangun of AAA Southeast Equities, it was a no-action trading session for blue-chips yesterday.
“The government basically maintained current mobility restrictions for another month, which was no surprise, and drew no reaction from investors. Most Asian stock markets ended with some losses on concerns of potential COVID-19 outbreaks because of the new Delta strain,” Mangun said.